Las Vegas’s Wynn Resorts makes $7.1 billion buyout play for Australian casino giant Crown Resorts via byronkaye TSWestbrook
SYDNEY - World No. 2 casino operator Wynn Resorts made a A$10 billion takeover approach for Australia’s Crown Resorts, the target company said on Tuesday, hoping to expand its geographic reach as it faces growth hurdles in Asia.
For Crown 47-percent owner James Packer, who re-badged his father’s media empire as a gambling concern in 2007 only to withdraw from business engagements last year due to mental illness, the deal would end his career as a casino mogul with a A$4.7 billion payout. “It’s a preliminary-style bid which doesn’t yet provide an adequate premium for control, and most would expect there to be both more debate about the strategic merit and pricing,” said Angus Gluskie, managing director of White Funds Management, which holds Crown shares.
Crown then faced a new challenge, with a downturn in Chinese consumer spending crimping revenue from Chinese high-rollers at its Australian tables. Before news of the Wynn approach, its shares had fallen by a fifth since August.
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